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File ITR to avoid TDS/TCS deduction at higher rate, say analysts

May, 24th 2022
Individuals who have not filed their income-tax returns (ITR) for 2020-21 (FY21) will now be on a list of non-filers prepared by the income-tax (I-T) department. Tax deduction at source (TDS) and tax collected at source (TCS) will be levied at a higher rate from such individuals with effect from April 1, 2022. The Central Board of Direct Taxes (CBDT) has issued a circular pertaining to Sections 206AB and 206CCA of the I-T Act (introduced in Finance Act, 2021), which provide details regarding people to whom higher TDS/TCS rates should apply. “The purpose of this circular is to ...